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RIYADH: Chinese Ambassador Li Huaxin said at a press conference held at his residence that Saudi-China relations are growing to greater heights.
The envoy was giving an overview of the bilateral relations between the two countries in preparation for the forthcoming visit of King Salman to China in March.
The ambassador recalled that the diplomatic relations between the two countries were established in 1990 and have evolved successfully to reach a strategic level in the partnership phase.
He said the Chinese President Xi Jinping made a two-day visit as part of his Mideast tour in January 2016.
Seven months later, Jinping’s visit was followed by Deputy Crown Prince Mohammed bin Salman’s three-day official visit to Beijing where he met with Jinping at the presidential office of the world’s second biggest economic power.
During their meeting, President Xi and Prince Mohammed reviewed Saudi-China “bilateral relations and achievements, and ways to further develop the strategic cooperation between the two countries.”
Prince Mohammed, who is also second deputy premier and minister of defense, also met with a group of officials of the most important Chinese companies, which included ZTE, Huawei, Chinese Aluminum (Chalco), the region’s economic and technological development in Tianjin (TEDA), Chinese Company for Construction and Communications (CCCC) and China Company for Building Railways.
During the meeting, they reviewed investment opportunities in the Kingdom, the areas of partnership according to the Kingdom’s Vision 2030 and existing and future projects of the companies in the Kingdom.
He said that the two countries have a common cause to fight against terror, which has affected peace and security in many countries.
“The two countries have similar vision in facing global challenges in the march toward economic, social and political developments,” the ambassador said.
The trade volume between China and the Kingdom in 2016 was $42.36 billion. It includes Chinese imports of $23.61 billion from the Kingdom, while it exports $18.75 billion.
Crude oil imports from the Kingdom was estimated at 51 million tons, an increase of 0.9 percent, which accounted for 13.4 percent of China’s total imports, which was $15.57 billion.
Saudi investments in China in 2016 were $13.45 million, while the Chinese investments in the Kingdom during the same period was $120.54 million, an increase 46 percent.
The Chinese ambassasor also said areas of bilateral cooperation could be further diversified under the Saudi Vision 2030.
China is one of the economic players in the international market.
Major Chinese companies and businesses are seeking cooperation with their counterparts in the Kingdom, especially in the areas of petrochemicals, natural gas, electricity generation, water desalination, transportation, telecommunications, and electronics.